"Maryland citizens who buy Ravens paraphernalia are really just recycling money they would've spent in the state anyway. It's no new money coming in – it's just money they would've spent on buying other clothes or going out to dinner," said economist Daraius Irani.

He said the effect from the Super Bowl in Maryland is more psychological. When the Ravens win, it boosts morale around the state. He said research shows that boosted morale leads to an increase in productivity at work and fewer on-the-job accidents.

"I think the idea is that the morale is boosted. People are a little happier, a little bit more focused on work rather than just commiserating that their team lost," Irani said.

Some research also shows that there's also an increase in charitable giving.

"I think where that kind of comes in is that you've got a winning team, so you're on this high. I think that helps people say, 'Well, those that are less fortunate than me, perhaps I want to share my joy,'" Irani said.

He said having a winning football team also helps revitalize the city's image and makes it a more desirable place to live.

"As Americans, we're so wrapped up in our teams -- we take such identification with our teams -- that when they win, we feel like we have won and, therefore, we want to share our joy and happiness," he said.